Help with Estate valuation for Probate application

Sine_Nomine

Just starting the process of sorting Probate following the passing of my Husband's Mum.  His Dad had passed away about 2 years since, leaving everything to his Spouse at that time, so the matter seems quite simple. 
The Will leaves everything equally to my Husband and his brother, and names them both as executors.   
House value is about £475,000, and there's a couple of grand in cash.  The NRB will effectively be £650,000, so we assume the IHT205 is the correct form to use as estate value comes nowhere near this amount.
My question is in regards to valuing the house:  How many valuations do we need to obtain for her house, and in what form?  Will these have to be provided as evidence with the IHT205 submission, or is it sufficient to just fill the value in on the IHT205?
Grateful for any help as a newbie on here.    
  

Keep_pedalling

You will not be asked to provide evidence of the valuation unless HMRC challenge the valuation which is not going to happen with an estate that is considerably below IHT territory.

If you plan on selling the house then get some valuations from local estate agents. If you are planning to keep it then for the time being an estimate based on similar properties on the market should do for the time being.

Bossyboots

We just asked an estate agent for a valuation with a view to sell and were never asked to produce proof of the valuation. We did it all online.

Sine_Nomine

Many thanks for both replies - that's what I was hoping to hear.  He already has a valuation for marketing it - we'll use that.  He plans to sell it and split proceeds as per the Will.

nanapop1977

I think you will need to complete IHT400 if you need to transfer the NRB from late father's estate in order to raise the IHT threshold to £650k.

SevenOfNine

We just did 2 using local agents, they both viewed the property & gave written valuations. Price points were the same, if they hadn't been I'd have got a third one.

Keep_pedalling

nanapop1977 said:

I think you will need to complete IHT400 if you need to transfer the NRB from late father's estate in order to raise the IHT threshold to £650k.

No, they will still be able to use IHT205 but will need to complete IHT 217 as well. You do need to use IHT400 to claim the residence NRB, but that won’t be required in this case.

Sine_Nomine

Keep_pedalling said:

nanapop1977 said:

I think you will need to complete IHT400 if you need to transfer the NRB from late father's estate in order to raise the IHT threshold to £650k.

No, they will still be able to use IHT205 but will need to complete IHT 217 as well. You do need to use IHT400 to claim the residence NRB, but that won’t be required in this case.

Hi both,
When filling in the online IHT205 you can add unused NRB from previous spouse during the form completion, there doesn't appear to be need to complete the IHT217.  His, as yet unsubmitted, IHT205 is already showing Mum's NRB as £650,000 once he filled in the section of the IHT205 for claiming Pop's unused allowance (which was 100% because be left everything to his wife).
At the risk of being unpopular for praising HMRC for something, we do have to observe that filling in the IHT205 using the online process has been very intuitive, and very easy.
 

JGB1955

I only filled in the IHT205 for my father's  £605K estate..got the 'go ahead' to apply for probate within seconds. Totally effortless!

parcival

Yes, only the 205 which confirms no IHT and gives HMRC reference number for online probate form - agree about the process being quite impressive in efficiency - probably not so for complicated estates.